The California Housing Finance Agency announced Wednesday a major program expansion to help more low to moderate income California families purchase homes.
As of June 16th, CalHFA will remove the first-time home-buyer requirement on its first mortgage programs to allow more California homebuyers to take advantage of the benefits of CalHFA’s affordable financing.
The California Housing Finance Agency helps eligible first-time home buyers purchase a home. Now they’re providing that same assistance to Californians who may have owned homes recently and are wanting to get back into home ownership.
“CalHFA’s mortgage loans will now provide more low to moderate income families across the state with affordable opportunities to purchase homes with fixed-rate mortgages and down payment assistance programs,” said CalHFA Executive Director Claudia Cappio.
California’s homeownership rate stands at about 54.5 percent as of the end of the first quarter of this year, according to U.S. Census estimates, a full 10 percentage points below the national homeownership rate. California’s rate dropped from more than 60 percent before the Great Recession.
All CalHFA lending programs require homebuyer education for future homeowners. Borrowers must also meet income and sales price limits that vary by county. In Sacramento county, the income limit is $99,250. In San Joaquin County, the limit is $82,000, and in Stanislaus the income limit is $79,200. For more income limits for other counties, click here.
“As we mark National Homeownership Month, CalHFA remains committed to helping Californians purchase affordable homes,” Cappio said. “Homeownership is a cornerstone for our communities and economy. With these new efforts, CalHFA is working to remove obstacles that prevent Californians from becoming homeowners.”
For more information on CalHFA, you can visit their website by clicking here.
Greg Cotta contributed to this report.